Entrepreneur of The Month of February: James Malinchak
When we think of people who live a Life By Design, one name comes to mind right away! James Malinchak®! Choosing him for our February feature was a no-brainer for us!
James began his journey in Corporate America, starting as a stockbroker, even working on the floor of the New York Commodity Exchange in the “trading pits” where all the trading happens! From a young age, he found a mentor who was one of the world’s best commodity traders, so the financial advisor way was ingrained in James. Although James started in the commodity “trading pits,” he realized that wasn’t for him anymore, and took an office job in Los Angeles with a major Wall Street Investment Firm where he won multiple awards.
Being so young and very successful, he began getting asked to speak for his company training other brokers and financial advisors on how to rapidly grow their businesses. Soon after, a company in Southern California asked him to speak to their sales representatives. James responded, “Why? I’m not a speaker; I am a broker.” They told him because he has real business knowledge and offered him a hefty speaking fee. When James heard the fee they offered, James quickly accepted. After his first highly paid speaking gig, he fell in love with speaking and loved the fact he could serve, make a difference, and help others while getting highly paid.
What truly sets James apart as a speaker is he not only speaks to impact lives, he also runs his speaking as a real business, making real money and now teaches others how to do the same. But don’t let the fact that he is an amazing speaker fool you into thinking that’s his only venture. He also has over 20 books, 21 online training programs, a large consulting firm, and is a rock star at marketing!
But with every success story, there are a million different failures, struggles and challenges. James’ biggest challenge was when his sister, Vicki, was diagnosed with a brain tumor and was told she had three months to live. This one event changed James’ entire life and at that point nothing mattered in his business and everything was put on hold.
James learned an important life lesson after Vicki passed away and often tells entrepreneurs: “You can always get more clients and make more money, but the one thing you can never get back is time. Every minute you waste is one that is lost forever! Always remember that you are blessed because you woke up this morning, are breathing and have more time! When you realize how beautiful this is, you instantly become more grateful and thankful for simply being alive!”
What began to pull James out of this dark time in his life was hearing a quote by Pastor Robert Schuller who said, “Tough times don’t last. Tough people do!” James always remembers that quote to inspire others with his own advice: “When faced with a challenge, remember that tough times don’t last. They’re just like storms. Eventually they pass, so you must stay strong and ride out the storm!"
For entrepreneurs starting a business, James Malinchak® always shares his three keys for achieving greater success in anything. These three are at the core of what he’s been teaching his private consulting clients for 20+ years, which he calls his Millionaire Top Achiever Formula®, which are: (1) Mindset; (2) Skillset; (3) Get Off Your Assets!
For mindset, he is not talking about simply putting positive thoughts into the world. Rather, that you must train your mind to think differently (like a Millionaire Top Achiever®) on a daily, weekly, monthly and yearly basis. However, the right mindset alone isn’t enough. You also need to develop the right skillset, meaning real tangible skills for whatever you are trying to accomplish. But the right mindset and right skillset alone aren’t enough. The last piece of James’ formula is you must then “Get Off Your Assets,” meaning you must put the right mindset and right skillset into the right action. A key to remember with “Getting Off Your Assets” (taking action) is not worrying about being perfect because the more you take the right action on the right mindset and right skillset, the better you will become!
Now that we know a little more about James Malinchak’s story, and we received some amazing advice on how to become successful, let’s get into some fun stuff! If you don’t know, James is happily engaged to the beautiful Melissa Marcantel! These two are the epitome of a power couple, both total powerhouses in their respective fields. So how do they manage healthy businesses and a wonderful relationship?
Being entrepreneurs and knowing how important scheduling is, Melissa and James make sure to schedule their date nights and personal trips before scheduling certain business endeavors. They also are big believers in regularly attending Church and always praying for each other. In addition, they always try focusing on speaking each other’s love languages, which if you don’t know comes from the bestselling relationship book, The Five Love Languages, by Dr. Gary Chapman! Make sure to know what your significant other wants and don’t expect them to want the same things that you want because everyone is different.
Melissa and James believe that another important aspect of a successful relationship is evaluating how much you are investing in it to improve it. If you want a successful relationship, make sure to invest in your life together!
Finding the one we want to spend the rest of our time with is difficult as an entrepreneur, so we asked James for advice for those of us who aren’t in a relationship. Here is James’ suggestion.
“First, make a list of everything you want in a significant other. Then, narrow them down to the 12 most important. Then, narrow those 12 down to the three-five most important and focus on looking for those in a significant other because you will never get everything you listed. It’s just not realistic! And here’s the big key! Once you determine these three-five important characteristics, begin working on YOURSELF to develop YOURSELF into the type of person who is worthy of attracting this incredible person because remember: Like Attracts Like!”
James Malinchak® is such an inspiration to all of us here at Life By Design, whether it’s in business or personal endeavors. The way he plans everything from his businesses, to his relationships, to his days, shows that he truly lives his Life By Design!